CEI Closes $50 Million Financing on NJ, PA Wind Farms

Renewable Energy Today, Sept 12, 2005

Community Energy, Inc. (CEI), recently announced it has closed a $50-million investor financing package on two new wind energy generation facilities under construction in Pennsylvania and New Jersey.

According to CEI, the company partnered with Central Hudson Energy Group, Inc. and investment banking firm Babcock & Brown as the long-term owners of both the Bear Creek wind farm, located south of Wilkes Barre, PA, and the Jersey-Atlantic wind farm, located on the site of the Atlantic County Utilities Authority (ACUA) wastewater treatment plant in Atlantic City, NJ.

CEI noted that the Bear Creek facility, which will install 12 two-megawatt (MW) Gamesa Eolica turbines, received financing from the five regional Pennsylvania sustainable energy funds and the newly authorized Pennsylvania Energy Development Authority, while the Jersey-Atlantic facility, which will install five 1.5-MW General Electric turbines, received financing from the state's Clean Energy Program and a production grant from the New Jersey Board of Public Utilities.

Contact: Brent Alderfer, CEI, phone 215-353-1373, website http://www.communityenergy.biz.

(EIN STAFF: 9/7)